Baker McKenzie weathers fiscal 2017 headwinds

Very few global law firms can match its revenue growth in the last decade, it claims

Baker McKenzie weathers fiscal 2017 headwinds
Despite difficulty brought about by a geopolitical environment fraught with uncertainty, Baker McKenzie is claiming a triumphant year after posting strong performance for fiscal 2017.

The firm increased global turnover by 2% to US$2.67bn. Accounting for currency movements, it increased revenues by 5%. Profits per partner (PPP) was steady at US$1.3m, a 1.2% increase from last year, or 0.2% increase in constant currency. The firm grew its PPP by more than 20% in the last decade.

The Americas and the Europe, Middle East, and Asia regions accounted for a similar 37% of the firm’s revenues for FY2017. The Asia Pacific region accounted for 26%. All regions grew revenues by 4% or more.

Paul Rawlinson, the firm’s global chairman, said the performance is hard to match among the largest law firms in the world.

“Despite the ongoing geopolitical uncertainty, we have reported another record set of financials with growth in all of our regions,” he said. “A 5% revenue growth and 1% increase in profit is a strong performance in difficult circumstances. It means that over the last decade, our firm has grown revenues by 50% without a significant merger. Very few global law firms can match that.”

Rawlinson said that the firm has many causes for celebration in fiscal 2017.

“We have plenty else to be proud of this year – record client demand for our services, a great crop of new lateral hires, the successful launch of our market-leading innovation initiative, and our long-term strategic investments in New York, London and China paying off,” he said.

Baker McKenzie’s technology, media, and telecommunications practice grew the most last year. The tax, dispute resolution, banking and finance, mergers and acquisitions, and capital markets groups also recorded notable growth, the firm said.

Baker McKenzie launched the consumer goods and retail, and industrials, manufacturing, and transportation groups – its fifth and sixth industry groups – last financial year.


Related stories:
Bakers scores ex-Linklaters COO
Global IPO activity rebounds in 1H17, says top firm

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Allens assists on $1.4bn capital raising applying ASX temporary class waiver

Hall & Wilcox plays major role in assets acquisition by fintech investor

CEO and managing partner parts ways with DWF

Authenticity and trustworthiness are critical to professional success, says G+T partner

Global healthcare company receives $1.2bn equity boost with HSF’s help

US bar comments on nationwide protests after George Floyd death

Most Read Articles

Lander & Rogers beefs up technology and digital practice with new partner

COVID-19 and Australian courts and legal bodies updates: 1 June

KWM helps industrial chemicals manufacturer cook up $600m in capital raising under COVID-19

Baker McKenzie’s IPTech team gets an upgrade with new partner